Major waterfront development site up for grabs in Geelong CBD
The 5141sq m development site at 4 Bellerine St and 111-113 Corio St, Geelong, has been listed for sale.
Another long-vacant piece of waterfront land is up for sale in Geelong’s CBD.
The 5141sq m landholding sits behind the Oaks Vue Apartments and Promenade Apartments buildings at 4 Bellerine St and 111-113 Corio St, Geelong, which is metres from the city’s Eastern Beach parklands.
Cushman & Wakefield agents Oliver Hay, Hamish Burgess and Joe Kairouz are handling the international expressions of interest campaign for the property closing on November 12.
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Mr Burgess said the landholding is expected to see interest upward of $13m.
The rectangular site, that has a 62m frontage to Corio St and a 6.1m access through to Bellerine St, is the last remaining portion of the former Harding Park that once overlooked the waterfront.
It carries a broad activity centre zoning with a preferred building height of 28 metres – or eight storeys – within the bayview precinct under the Central Geelong Framework Plan, opening the door to significant vertical development.
It’s already surrounded with high-rise buildings, including the 14-storey Oaks R Suites Geelong redevelopment of the Ritz Flats diagonally opposite on Corio St, with a site on the opposite side of the former council officers deemed a strategic development site within the CBD.
The 5141sq m development site is flanked by apartment and office complexes, including the 14-storey Oaks R Suites Geelong, left.
The property is near Austin Park and walking distance to Geelong’s Westfield shopping centre and waterfront activity strip.
“This is a truly irreplaceable site,” Mr Hay said.
“Its scale, zoning and proximity to both parkland and the waterfront make it one of the most exciting development opportunities we’ve seen in Geelong in recent years.”
Mr Burgess said buyer interest is expected to be strong from both Geelong, domestic and offshore groups.
The Nyaal Banyul Geelong convention and event centre is one of the biggest construction projects in the CBD. Picture: Alan Barber
“There’s a lot of interest in Geelong from developers not just based in Geelong and a lot of that is coming for the growth that’s happening across different commercial and residential developments in the area,” Mr Burgess said.
“We’re seeing a growing appetite from developers who recognise the long-term potential of regional hubs like Geelong, especially when assets like this come with scale, zoning flexibility and waterfront proximity.”
The land is leased to Secure Parking until 2028, drawing a $185,000 annual income, but Mr Burgess said the lease could be terminated if a development were to go ahead.
Up Property has won approval for its large-scale development on Malop St in Geelong. Source: ClarkeHopkinsClarke.
The Central Geelong Framework Plan designates the precinct as a priority area for visitor-oriented services.
The Dimmick family is selling the property, which was acquired in 2016 for $7m, through Dimmick Nominees (Vic) Pty Ltd, records show.
Geelong is undergoing another building boom, with construction across the CBD from the Barwon Women’s and Children’s Hospital development to a social housing tower and Geelong’s Nyaal Banyul convention centre on the waterfront.
Novotel building a new wing to its Geelong waterfront hotel. Picture: ACCOR/ERDI
Recent development approvals include a 16-storey project by Up Property slated for Malop St featuring 214 new homes, while Robert Costa-backed Monno holds a permit for a 58-apartment project in Moorabool St.
Work has begun on a new 11-storey tower at Novotel Geelong, a $75m project to add 15 new apartment-style suites and 134 new guest rooms to the waterfront hotel, taking the total number of rooms up to 243.
